Originally published in Destination CRM.
Are you focusing on the right marketing strategies to nurture and maintain brand loyalty in the wake of COVID-19?
On average, it costs five times more to acquire a new customer than to keep an existing one. With greater uncertainty than ever, its critical for brands to concentrate on building meaningful and sustainable customer connections.
In an article published in Destination CRM, Whereoware CEO Michael Mathias offers his thoughts on mindfully reducing risk of customer attrition and tactics to enhance customer retention.
According to Mathias, the key to winning customer loyalty is stand-out customer experiences that maximize personalization and segmentation.
“Every business should be questioning how customers’ loyalty has changed in the months since COVID-19 and looking for ways to stem customer attrition. Personalization, done correctly, can be a powerful contributor to customer loyalty and guard against customer churn,” says Mathias.
To deliver customer moments that matter and foster long-term relationships, he recommends:
- Thoughtfully rewarding customers with an enriched loyalty program, replacing run-of-the-mill discounts with personalized offers that provide real value.
- Employing nuanced segmentation to craft compelling content and incentives for your audiences.
- Leveraging real-time data to illuminate how shopping patterns have evolved and pivot your marketing strategy accordingly.
To read the full article, visit Destination CRM here.